Leica’s version of Panasonic’s DMC-FZ50, the Leica V-Lux 1 sports a 12x optical, 35mm-to-420mm, f/2.8-to-f/3.7 zoom lens and a 10.1-megapixel CCD sensor. It’s features consist of a slew of automatic modes, including 18 scenes and a Simple mode that turns the V-Lux 1 into a point-and-shoot digital camera. There is a High Sensitivity scene mode on this model that goes up to ISO 3200 to capture subjects cast in low light without having to use the built-in flash. The body is plainly styled and comes in silver and black colors, and has a huge 3-inch LCD screen on its back. CNET have posted their review of the L1 here.

"Though it’s much bigger and more expensive, Leica V-Lux 1 offers serious competition to our current superzoom favorite, the Canon PowerShot S3 IS. Given the versatility offered by the Canon’s small size and light weight, the V-Lux 1 won’t take away the S3 IS’s crown, but it’s worth a look if you can get over its large size.
The bottom line: Leica’s version of Panasonic’s DMC-FZ50 has slightly better JPEG compression, slightly slower performance, and a much higher price tag."

Featuring
Combines the best Leica image quality with the convenience of an intelligent all-in-one solution
12x zoom and 10-megapixel image resolution in an ultra-compact, convenient design
2.0-inch high-resolution LCD can be swiveled horizontally and vertically through 180 degrees
Stores images on SD memory card (also SDHC cards) and multimedia card
Powered by lithium rechargeable battery; PC and Mac compatible